10 July 2019/ Guides

Market overview including rent guide – for Midtown, London

In a city as historic as London it is often difficult to rename long-established areas. The names and geographical borders given to areas such as Bloomsbury are built up and sustained over time. However, since early 2010, the areas of south Bloomsbury, St Giles, Farringdon, Clerkenwell and Holborn have been undergoing a rebrand. Now known by some as Midtown, the area is an established hub for centrally located offices.

As a new name, Midtown has not been made official, and its exact boundaries remain a point of contention among Londoners. Some view Midtown as everything in between the City of London and the West End, while others view it as strictly encompassing the WCI/WC2 postcodes.

The midtown area is commonly thought to include the following major landmarks:

  • The British Museum
  • Russell Square Gardens
  • Great Ormond Street Hospital
  • The London School of Economics
  • King’s College London

History

 

As a collective area, Midtown is as new on the scene as you are likely to get in London. So new in fact, that its existence is still denied by some Londoners. Despite what name is given to it, the places that make up Midtown are rich with history.

Red Lion Square in Holborn, for example, was supposedly a popular location for Oliver Cromwell and rumours persist that his body is buried somewhere under the site. The famous Farringdon Market was a popular place for residents and businesses to pick up fruit and vegetables from 1826, although it is no longer in operation today.

It is Bloomsbury that has the richest cultural history. First formally developed in the 17th century by the Earl of Southampton, the geographical area is first mentioned in the Domesday Book all the way back in 1086. The area has been historically associated with the arts, education and medicine, famously giving its name to the Bloomsbury Group, whose most famous members were Virginia Woolf and economist John Maynard Keynes. Today, the area is best known for its desirable residential areas, and world-famous institutions like Great Ormond Street Hospital and Bloomsbury Publishing.

Who lives in Midtown?

 

With the sheer number of businesses operating in the area, you could be forgiven for thinking that Midtown is not much of a residential area. In fact, some of the area’s residential streets are among the capitals most desirable. Bloomsbury in particular is known for its historic houses and roads.

In 2014, the number of properties being sold for over £1 million doubled from the year before. But, the area’s recent arrival, and lack of official recognition, makes it difficult to gather demographic data about the area as a whole.

Instead, let’s look a few key areas:

Bloomsbury

 

In 2015, 13,982 people lived in Bloomsbury. The area has 55,400 jobs with 58% of the population being economically active. The average annual income was £41,062 in 2015.

Holborn

 

In 2011, the population of Holborn and Covent Garden was 13,023, with a median age of 33. 123,800 work in the area, which is significantly higher than other London districts. The main industries in 2016 were legal services, media production and IT services. In 2015, the average income in the area was £44,171.

What is the local economy of Midtown like?

 

Midtown’s central location makes it an attractive area for business. Some of the area’s most well-known residents are the BBC, Google, Reuters, Goldman Sachs, Sainsbury PLC, Pearson Group, Mitsubishi and Warner Bros.

The area’s biggest employers have traditionally been government agencies and professional service providers like insurers, lawyers and accountants. Recent years have seen this begin to shift towards marketing, media and creative agencies.

Transport

 

Midtown’s location means that it has excellent access to public transport. Its importance as a business location and the fact it sits in the heart of the city means that nearly every underground line passes through or in close proximity to the area. For those looking to access national rail services, Waterloo, Charing Cross, Kings Cross and Euston are all easy to get to from Midtown.

The nearest is London City Airport, with the much larger Gatwick and Heathrow airports located on the outskirts of Greater London.

Rent guide to Midtown

 

The benefits of having an office in Midtown are numerous, but it comes with a price tag. London is one of the world’s business hubs and securing an office in Midtown will boost your name and legitimacy. Excellent transport links will mean that you are never hard to find, and there is a wide variety of bars, restaurants and entertainment to let off steam or take your clients to.

Here is a breakdown of what to expect in the most prominent parts of the Midtown:

 

Bloomsbury

 

Bloomsbury is home to some of the world’s most respected educational and medical institutions. The area is deeply entrenched in the cultural and intellectual history of both the UK and its capital. The area’s main attraction is perhaps the British Museum, which is the largest in the country.

Realla currently has 1,310 commercial properties to rent from 68 agents in Bloomsbury, of which 131 are conventional offices and 33 are serviced offices. The average rental price is £49 PSF. If you are looking to buy a commercial property in Bloomsbury, the median asking price in £1.3 million.

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Holborn

 

A long-time hotspot for London’s lawyers and journalists, Holborn has seen a strong rise in the number of media companies setting up shop in the area. This largely commercial area is full of high-end bars and restaurants, making it a great place to operate a business.

We currently have 1,670 commercial properties listed in the area from 81 agents. 284 of these are offices, with an average rent price of £51 PSF. For those looking to buy, the median price is £2.7 million, but we have seen asking prices reach around £65 million.

Farringdon

 

Farringdon is actually made up of two areas, with the strange names of Farringdon Within and Farringdon Without. Farringdon is a popular after work destination for the surrounding areas, and is known for its great pubs, bars and restaurants.

For Farringdon Within, we currently have 200 commercial properties from 35 agents listed. 58 of these are offices and 12 are serviced offices and the average rent price is £52 PSF. We have two commercial properties to buy listed, with a cost of around £62 million each.

Sources:

https://opendata.camden.gov.uk/download/dxtk-h5sv/application/pdf
https://content.knightfrank.com/research/633/documents/en/midtown-2014-2072.pdf
http://bloomsbury.localstats.co.uk/census-demographics/england/london/camden/bloomsbury
https://www.camden.gov.uk/ccm/cms-service/download/asset?asset_id=1031399
http://holborn-and-covent-garden.localstats.co.uk/census-demographics/england/london/camden/holborn-and-covent-garden
https://www.camden.gov.uk/documents/20142/3797089/hv_document_consultation+web+version+lowres_190515.pdf/b8c2ab76-c4b6-91fb-1798-a70150326ae6
https://opendata.camden.gov.uk/download/dxtk-h5sv/application/pdf
http://www.patmore.co.uk/London-Area-Guides/Midtown
https://londonlovesbusiness.com/why-all-eyes-are-on-midtown-the-super-hot-london-area-attracting-big-names-and-multi-millions/
http://hidden-london.com/gazetteer/midtown/